Elite Group Inc. (fka ELTZ)

[NubLife]

8k! ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.



On December 20, 2019, Elite Group Inc. (the “Company”) announced that, effective December 18, 2019, it entered into a Binding Letter of Intent (“Binding LOI”), with Power Conversion Technologies Inc., a corporation duly formed under the laws of the State of Pennsylvania, (“PCTI”) and Catherine Chis, its CEO and sole shareholder (“CC”) (collectively the “Parties”), setting forth the principal terms pursuant to which the Company will acquire all of the issued and outstanding shares of common stock in PCTI representing 100% ownership in PCTI (“PCTI Shares”), held by CC (the “Transaction”).